Fort Walton Beach Resolution — 2018-08--Reimbursement of Funds from Long Term Financing-Field Office Complex — reading text

RESOLUTION 2018- 8 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA WITH RESPECT TO REIMBURSEMENT OF CERTAIN COSTS RELATING TO THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF CERTAIN CAPITAL IMPROVEMENTS TO THE NEW CITY FIELD OFFICE COMPLEX; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE. SECTION 1. FINDINGS. It is hereby found and determined that: A) The City of Fort Walton Beach, Florida ( the " City") has incurred various costs and is expected to incur additional costs in connection with the acquisition, construction and equipping of a new City field office and administration building (the " Field Office Complex"); B) The City has determined it may be in its best interest to reimburse such costs from the proceeds of long-term ta c- exempt debt in the form of a bond or bank loan; and C) The United States Department of Treasury has issued various regulations in regard to reimbursement of governmental costs through the issuance of tax-exempt debt. SECTION 2. PURPOSE. It is the intent of the City to reimburse various costs and expenditures relating to the acquisition and construction of certain capital costs related to the acquisition, construction and equipping of the Field Office Complex which will include office and administrative space for the following City Departments/ Divisions: Public Works, Utilities, Sanitation and Stormwater. The City has paid for, and reasonably anticipates that it will continue to pay for, costs and expenditures related to the Field Office Complex from moneys on deposit in the General Fund, Utilities Fund, Sanitation Fund andlor Stormwater Fund of the City until such costs are financed on a long-term basis. It is reasonably expected that reimbursement of such costs and expenditures will come from the issuance of t- exempt debt which is not expected to exceed $ 13, 000, 000 aggregate principal amount. It is currently the intention of the City to principally secure such tax-exempt debt by a pledge of and lien upon legally available non-ad valorem revenues of the City. The expenditures to be reimbursed are expected to be consistent with the City's budgetary and financial policy as being the type of expenditures which would be paid on a long- term basis. SECTION 3. APPLICABLE LAW. The City shall comply with all applicable law in regard adoption of this Resolution) by to the public availability of records of official acts ( i. e., public entities such as the City, including making this Resolution available to public inspection. SECTION 4. COMPLIANCE. It is the intent of this Resolution to meet the requirements of Treasury Regulations Section 1. 150- 2 and to be a declaration of official intent under such Section. SECTION 5. SEVERABILITY. In the event that any portion or section of this Resolution is determined to be invalid, illegal or unconstitutional by a court of competent jurisdiction, such decision shall in no manner affect the remaining portions or sections of this Resolution which shall remain in full force and effect. SECTION 6. EFFECTIVE DATE. This Resolution shall become effective immediately upon approval by the City Council and signature of the Mayor. Adopted: J D, d 18' uT / Richard A. Rynear on, Mayor Attest: Approved for form, leg ficiency Kim . Barnes, City Clerk Haywar ykes, Jr., Atto v ;,,..,,. ti s l ti; ti ,